29 Apr 2022debt financing● Neutral
ASF Group's own notice of the same unsecured loan facility of up to A$250,000 to Key, at 10% a year, maturing 31 December 2023. Duplicates Key's announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2022debt financing● NeutralMajor
Key signed a new unsecured A$250,000 loan with ASF Group at 10% a year, maturing by 31 December 2023, for working capital. Cash was A$221,433 at December 2021; the earlier ASF loan was repaid in September 2021.
26 Apr 2022joint venture update● Neutral
Triangle says the Bookara 3D seismic survey over L7 and EP 437 has begun, with recording expected early May and third-party funding. It also signed to buy Pilot's 13.058% of EP 437. Key's sale to Triangle is still pending.
12 Apr 2022resource reserve update● Neutral
Triangle, Key's buyer for L7/EP 437, lifts L7 gross best-estimate gas prospective resources from 165 Bcf to 617 Bcf, with oil 19 MMbbl. Key's sale is not yet complete, and Key keeps a 5% royalty at this point.
4 Apr 2022asset acquisition disposition● Neutral
Pilot, which bought Key's 40% of WA-481-P (completed Dec 2020 for 21m Pilot shares), says NOPTA's final transfer approval makes it 100% owner. Key's exit is now formally registered; Key still holds Pilot shares.
15 Mar 2022asset acquisition disposition▼ Bad
L7/EP 437 sale cut-off pushed again, from 31 March to 30 June 2022, with completion expected before then. The remaining $100,000 is due at completion; Key keeps its 5% royalty. This is the fourth extension since January 2021.
4 Mar 2022half year report● Neutral
Half-year to 31 December 2021: revenue $10,980 and loss $479,734, against a $2,586,157 loss in the prior-year half. Cash on hand was $221,433. Text is truncated, so the reasons for the change are not given.
2 Feb 2022asset acquisition disposition▼ Bad
L7/EP 437 sale to Triangle delayed again; cut-off extended from 31 January to 31 March 2022, with completion work said to be in final stages. The remaining $100,000 is payable at completion; Key keeps its 5% royalty.
9 Nov 2021other● Neutral
Statutory JobKeeper disclosure: Key's group received $18,000 in FY2020 and $46,300 in FY2021, for 3 individuals each year. No repayments made. Administrative notice.
8 Nov 2021resource reserve update▲ GoodMajor
Remapping lifts the Alfajor prospect in 100%-held southern ATP 924 to 97.1 Bcf P50 recoverable gas prospective resource (mean 122.5 Bcf). Key estimates a 30% chance of success. It plans a roughly 2,800 m well by mid-2022.
2 Nov 2021regulatory community update▲ Good
Queensland confirms ATPs 920, 924 and 783 are treated as one project, so work commitments can be reallocated between them. This resolves the pending Project Status application. Review results are promised shortly.
6 Oct 2021asset acquisition disposition● Neutral
Triangle's version of the L7/EP 437 delay: cut-off date extended again, to 31 January 2022, with a further non-refundable A$100,000 pre-payment. Duplicates Key's announcement.
6 Oct 2021asset acquisition disposition▼ Bad
Sale of Key's L7 and EP 437 interests to Triangle delayed again; cut-off moves from 30 September 2021 to 31 January 2022, with a further non-refundable A$100,000 pre-payment. Key keeps its 5% royalty and says it is refocusing on Cooper Basin gas.
1 Oct 2021director officer appointment● NeutralMajor
Louis Chien becomes Managing Director from 1 October 2021 on a 12-month term at $187,715 a year. Interim CEO Ric Jason and director Yvonne Ye resign. This resolves the open CEO search. AGM set for 25 November 2021.
29 Sept 2021annual report● Neutral
Annual report for year to 30 June 2021 lodged. The Chairman says the Triangle sale has run past year-end but Triangle covers ongoing costs, and the board sees potential in Cooper Basin gas. Financial figures are not in the truncated text.
29 Sept 2021other● Neutral
Annual Appendix 4G and corporate governance statement for year to 30 June 2021, approved 28 September 2021. Compliance filing only; no new business information.
20 Aug 2021resource reserve update▲ Good
Triangle reports maiden prospective resources for L7: 24.5 MMstb oil (gross) across oil prospects and leads, and 165 bcf gas. It plans the Bookara 3D survey for December 2021/January 2022. Key is selling its L7 share but retains a 5% royalty.
12 Aug 2021asset acquisition disposition● Neutral
Triangle confirms the same delay: the cut-off date for buying Key's L7 and EP 437 interests moves to 30 September 2021, with a non-refundable A$200,000 pre-payment. Duplicates Key's announcement.
12 Aug 2021asset acquisition disposition● NeutralMajor
The L7 and EP 437 sale to Triangle was delayed; the cut-off date moves to 30 September 2021. Triangle makes a further non-refundable A$200,000 pre-payment of the completion payment. Key keeps the 5% royalty after completion.
16 June 2021admin correction● Neutral
Key moved its registered office and principal place of business to Level 1, 100 Havelock Street, West Perth, effective 16 June 2021. Administrative change only.
12 Mar 2021half year report▼ Bad
Half-year to 31 December 2020: revenue $555,038 and loss $2,586,157. Cash was $129,557, and the 21m Pilot shares were worth $609,000. The loss is far larger than the $172,105 loss a year earlier; the text does not say why.
29 Jan 2021asset acquisition disposition● NeutralMajor
Key agreed to sell its remaining 50% of L7 and 86.94% of EP 437 to Triangle for A$600,000 cash plus a 5% gross overriding royalty. The sale ends the Triangle farmout and moves the EP 437 work commitments to Triangle. Key says it will focus on its Cooper Basin gas assets.
29 Jan 2021capital raising announcement● Neutral
Triangle announces the same purchase of Key's L7 and EP 437 interests, plus a A$1.19m placement at A$0.021 per share to fund it. Mostly repeats Key's announcement; the placement is Triangle's, not Key's.
27 Jan 2021other● Neutral
ASX temporarily paused trading in Key's securities on 27 January 2021 pending a further announcement. The notice gave no reason for the pause.
18 Dec 2020farm in farm out completion● NeutralMajor
Sale of Key's 40% of WA-481-P to Pilot completed on 17 December 2020. Key now holds all 21 million Pilot shares (4,276,703 issued in October, 16,723,297 now). Pilot takes on all risks and outgoings from that date.
18 Dec 2020asset acquisition disposition● Neutral
Pilot confirms it completed the purchase of Key's 40% of WA-481-P after its shareholders approved on 10 December 2020, issuing Key 16,723,297 shares. Pilot can now proceed with selling 78.75% of the permit to Triangle Energy (Group). Repeats Key's news.
18 Dec 2020director officer appointment● Neutral
Dongmei (Yvonne) Ye joined Key's board as a non-executive director from 18 December 2020. She is an accountant with corporate finance and tax experience, and is also a director of ActivEX Limited.
11 Dec 2020admin correction● Neutral
Key lodges the new constitution adopted at the 25 November 2020 AGM. Changes were described in the earlier AGM notice. Administrative filing with no new business information.
2 Dec 2020security holder rights change● Neutral
20,000,000 unlisted options expired on 30 November 2020, and 4,000,000 performance rights lapsed on 28 August. Key now has 1,967,928,126 shares and 5,500,000 unlisted options at 1.3 cents.
23 Oct 2020debt financing● NeutralMajor
Key signed an unsecured A$250,000 loan with ASF Group at 10% a year, maturing by 30 September 2021, for working capital. It is Key's first noted debt, in contrast to its earlier equity raisings.